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TOP CORPORATE NEWS- 06 DEC 2018

Corporate-News

Aurobindo to face lawsuit in US for Irbesartan contamination
As per news sources, a lawsuit has been filed in Federal Court of Florida against Aurobindo Pharma for the contamination of its Irbesartan APIs, used in the treatment of high blood pressure.
The class action lawsuit also named US pharma company ScieGen Pharmaceuticals, distributor Westminster Pharmaceuticals and the US retail supply chain giant Walmart.
Earlier this year, human carcinogenic impurities were found in the APIs supplied by a Chinese company Zhejiang Huahai Pharmaceuticals. Zhejiang Huahai was manufacturing Sartan range of products which is used in the treatment of high blood pressure. Zhejiang Huahai then recalled the Sartan products in many countries. Zhejiang Huahai is currently facing several lawsuits in the USA.

Infosys inaugurates Hartford Technology and Innovation Hub
Infosys, a global leader in next-generation digital services and consulting, inaugurated its Technology and Innovation Hub in Hartford. Infosys also announced that it has hired more than 7,000 American workers in the last 18 months as part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises.
The Hartford Hub, located at 225 Asylum Street in the Goodwin Square Building, will help Infosys work more closely with its clients in the region and will serve as the global Hub for Infosys’ InsurTech and HealthTech efforts. The Hub will feature Living Labs for the Future of Insurance, the Future of Healthcare and the Future of Manufacturing amongst others.

Sagar Cements board approves investments in Satguru, Jajpur Cements
The board of Sagar Cements, at its meeting on Wednesday, has approved investments in two companies, namely Satguru Cements and Jajpur Cements.
“The board has approved a proposal to invest a sum of Rs150cr in Satguru Cement Pvt Ltd (SCPL), Indore, to set-up a greenfield cement manufacturing plant of 1mn ton capacity along with waste heat recovery power plant at a total cost of Rs426cr. SCL will be holding 65% in the equity share capital of SCPL on completion of the above projects,” Sagar Cements said in a filing to the exchanges aftermarket hours on Wednesday.

Power Grid wins bid for UP transmission line project
Shares of Power Grid Corporation of India gained in the morning session today after it bagged a project to set up a transmission system for evacuating electricity from the 1,320MW Jawaharpur thermal power project and construct a substation in Uttar Pradesh.
“Power Grid has been declared as the successful bidder under Tariff based competitive bidding to establish the transmission system for evacuation of power from 2 x 660MW Jawaharpur Thermal Power Project and construction of 400kV substation at Firozabad along with associated Transmission Lines’ on build-own-operate-maintain (BOOM) basis,” the company said in a filing to the exchanges after-market hours on Wednesday.

Moody’s changes GSK’s outlook to negative; affirms A2 rating
Moody’s Investors Service has changed the outlook for GlaxoSmithKline plc (GSK) and its subsidiaries to negative from stable. The change in outlook follows the company’s announcement on December 3, of its intention to acquire Tesaro for $5.1bn.
At the same time, Moody’s has affirmed GSK’s A2/(P)A2 long-term and (P)Prime-1 ratings.
“We have changed GSK’s outlook to negative as the company will deleverage more slowly than expected following the acquisition of Tesaro. While the acquisition allows for a solid strengthening of GSK’s oncology franchise, we expect credit metrics to remain weak for a prolonged period of time,” said Knut Slatten from Moody’s.

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